|PR Newswire Association LLC|
The analysis was based on nearly 5,000 quotes collected from regulatory agencies in seven states.
The data showed that if a man and a woman with the exact same driver profile (except for their sex) got quotes for the exact same coverage, the man's quote would be higher 62 percent of the time.
Young men included in the analysis ended up seeing the biggest sex-based price discrepancies. For drivers under 25, the average sex-based price gap was
"It's important that consumers understand the things that determine how much they pay for insurance, and gender is one of the least understood of those factors," says OAI manager
It's important to note that men weren't always quoted higher prices for coverage. Men and women in the study were quoted the same price for coverage 27 percent of the time, while women were quoted higher prices 11 percent of the time.
Age also plays a factor when it comes to sex-based pricing. The results showed insurers varied quotes based on the sex of the driver 96 percent of the time when the drivers were under 25, 56 percent of the time when they were 25-65 and 66 percent of the time when they were 65 and over.
For the full results and analysis on why men tend to pay more for coverage, check out the full study: Quantifying the Sex-Based Pricing Gap in
Also, check out OAI's infographic on the ongoing debate over whether men or women are better behind the wheel here.